Fewer disasters benefit insurers
Fewer earthquakes, hurricanes and other natural disasters during the past 12 months have meant insurers' losses were more than 50% lower than the year before, according to a leading re-insurer.
Munich Re AG said the US felt the effects of climate change through an increase in damages and losses, but overall its annual review showed insured losses reached £13.7 billion in 2009, down from £31.3 billion in 2008.
Total economic losses, including those not covered by insurance, were down 75% from £121.2 billion in 2008 to 31.3 billion, largely because there were more hurricanes and severe earthquakes last year, the company said.
An increase in tornadoes, hail, heavy thunderstorms and torrential rain in North America was partly blamed on climate change by Peter Hoeppe, head of Munich Re's Geo Risks Research unit.
He said: "Initial analyses indicate that, apart from socio-economic factors, this is already due in part to climate change."
The most expensive weather disaster in 2009 was Klaus, the storm which battered northern Spain and southwest France with winds of up to 121mph between January 23 and 25, and caused £1.9 billion of insured losses and a total cost of £3.2 billion.